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BREAKING: Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation Till December

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BREAKING: Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation Till December

BREAKING: Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation Till December

The Supreme Court on Friday ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.

The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.

Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.

RELATED STORY Naira Swap-CBN Bows To Pressure, Extends Deadline By 10 Days

The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.

The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for a final verdict.

Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.

The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians

They accused the President of usurping the function of the CBN in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.

Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello were in court to witness the judgement on Friday. The two governors were also in court at the last hearing. Also, Zamfara State Governor, Bello Matawalle was in court on Friday.

Back Story
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.

However, the President, in a national broadcast, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.

Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.

Also, three State Governors- Kaduna, Zamfara and Kogi have filed another suit against Malami, and the CBN Governor, Godwin Emefiele over contempt of court and their alleged failure to comply with the Supreme Court order on the old naira notes.

BREAKING: Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation Till December

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African Group Backs Okonjo-Iweala for WTO Term

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African Group Backs Okonjo-Iweala for WTO Term

African Group Backs Okonjo-Iweala for WTO Term

By Halima Abdulkadiri

The African Group at the World Trade Organization (WTO) presented a proposal at its General Council (GC) to re-elect Ngozi Okonjo-Iweala as director-general of the organization.

Adebayo Thomas, the Director of Press and Public Relations at the Ministry of Industry, Trade and Investment, announced this in a statement in Abuja.

According to him, the proposal is for members to consider Okonjo-Iweala to run for another term as chief executive officer of the organization.

He said the proposal was also to enable the Chair of the General Council (GC) to commence the process of the appointment of the director-general as soon as possible.

He quoted Amb. Abdulhamid Adamu, Nigeria’s Permanent Representative to the WTO, at the GC, as saying that members debated the issue.

“All members highlighted Okonjo-Iweala’s efforts and contributions to the organization, which have led to significant progress and development,” Adamu said. “They all affirmed that she deserves to be reappointed as the director-general. Almost 58 members from all regions supported the proposal.”

He added that members resolved that the General Council Chair should start consultations on the appointment process as soon as possible.

In response, Okonjo-Iweala thanked all members and assured them she would respond soon after consulting with her family.

African Group Backs Okonjo-Iweala for WTO Term

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SGF Approves Eight New FRSC Deputy Corps Marshals

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SGF Approves Eight New FRSC Deputy Corps Marshals

SGF Approves Eight New FRSC Deputy Corps Marshals

By Halima Abdulkadiri

Sen. George Akume, Secretary to the Government of the Federation (SGF), has approved the promotion of eight Assistant Corps Marshals to Deputy Corps Marshals (DCMs) of the Federal Road Safety Corps (FRSC).

Olusegun Ogungbemide, Acting Corps Public Education Officer, announced this in Abuja on Monday.

Three of the new DCMs will proceed to immediate retirement, while the remaining five will fill vacancies in the South South, South East, South West, North Central, and North West geopolitical zones.

The promoted officers are DCM Clement Oladele (North Central), DCM Chidiebere Nkwonta (South East), DCM Sunday Iyamah (South South), DCM Musa Yerima (North West), and DCM Abiodun Akinlade (South West).

The retiring DCMs are Kingsley Agomoh, Jonas Agwu, and Zubairu Mato. SGF Akume praised the transparency of the promotion process and urged the new appointees to commit to the FRSC’s vision of reducing road traffic crashes and creating a safer motoring environment.

FRSC Corps Marshal Shehu Mohammed congratulated the promoted officers and emphasized the increased responsibilities their new ranks entail.

He encouraged them to stay focused and dedicated, and reassured all personnel of ongoing efforts to improve their welfare.

SGF Approves Eight New FRSC Deputy Corps Marshals

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N70,000 Wage Not Solution to Economic Issues

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N70,000 Wage Not Solution to Economic Issues

N70,000 Wage Not Solution to Economic Issues

By Halima Abdulkadiri

Chairman of the Labour Party (LP) in Oyo State, Sadiq Atayese, has stated that the newly-approved N70,000 minimum wage for Nigerian workers is not the solution to the country’s economic challenges.

Atayese made this assertion in an interview with the News Agency of Nigeria (NAN) on Sunday in Ibadan.

He emphasized that sustainable solutions to the cost of living require positive economic policies from the government. Atayese highlighted the exchange rate as a key factor influencing fuel costs and subsidies.

He stressed that the government must prioritize fighting corruption and implementing policies beyond just increasing the minimum wage. According to Atayese, corruption in high places accounts for over 90 percent of corruption cases in Nigeria.

“Will this new minimum wage actually assuage the daily rising costs of foods and services? Can it bring a stable solution to the nation’s economic challenges? The answer is No,” he said.

Atayese also urged the government to focus on agricultural development and address issues such as security and funding for effective farming. He believes that addressing these critical issues would have more significant benefits than even a minimum wage of N150,000.

“Labour Party will continue to stand for the wellbeing of the people and development of the society,” he said.

The Federal Government and labor unions recently agreed on N70,000 as the new minimum wage for Nigerian workers. Initially, the government proposed N60,000, which was raised to N62,000, while labor demanded N494,000 before revising it to N250,000. Labor leaders agreed to the N70,000 offer due to additional incentives attached.

N70,000 Wage Not Solution to Economic Issues

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